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Title: Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From ATMs On Friday Morning
Source: Zero Hedge
URL Source: http://www.zerohedge.com/news/2017- ... ists-urge-supporters-pull-cash
Published: Oct 20, 2017
Author: Tyler Durbin
Post Date: 2017-10-20 07:26:34 by cranky
Keywords: None
Views: 157
Comments: 7

As tensions escalate in Spain, Catalan Separatists are potentially about to do some real damage and hit Madrid where it really hurts.

In a tweeted message to their 270,000 followers, Assemblea Nacional urged supporters to pull cash from CaixaBank and Banco Sabadell branches between 8 am and 9am Friday to protest at their decision to shift their legal domiciles out of the region...

As the video begins...

"Go to 1 of the 5 main banks and take out as much cash as you want. Don't forget, it's your money".

Catalan News adds:

Civil society organizations in Catalonia call for a mass withdrawal of money from bank ATMs on Friday at 8am in order to pressure the Spanish government. Organizers don't especify how much money should be taken out nor what to do with it.

 

The action targets the five main banks in Catalonia: Caixa Bank, Sabadell, Bankia, BBVA and Santander. Organizers call on clients of Caixa Bank and Sabadell to show their disagreement with the banks' recent decision to move their headquarters out of Catalonia due to the escalating political crisis between governments in Barcelona and Madrid.

 

This is the first "direct and peaceful" action organized by Crida per la Democràcia (Call for Democracy). This is an umbrella group which includes among others the two main pro-independence organizations in Catalonia: the Catalan National Assembly (ANC) and Òmnium Cultural.

 

The mass withdrawal is also aimed at condemning the imprisonment of ANC and Òmnium presidents, Jordi Sánchez and Jordi Cuixart, held in custody on sedition charges since Monday.

As a reminder, both Banco Sabadell and Caixabank - the two largest banks of the Catalan region - moved their corporate headquarters out of Catalonia (with the help of the Spanish government) shortly after the referendum.

And now it's time to find out just how solvent (and liquid) the strong Spanish banking system truly is.

The message has now been retweeted or liked over 7,000 times (and remember its past midnight in Spain). (2 images)

Post Comment   Private Reply   Ignore Thread  


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#1. To: cranky (#0)

"Go to 1 of the 5 main banks and take out as much cash as you want. Don't forget, it's your money".

It's their money. And the bank will choose whether to give it to them or not.

Expect the central bank to issue directives limiting the daily withdrawals.

Starting a bank run isn't a very good way to assert your national sovereignty and can hurt you and the local economy as much or more than the central bank.

Tooconservative  posted on  2017-10-20   8:52:31 ET  Reply   Trace   Private Reply  


#2. To: Tooconservative, cranky (#1)

It's their money. And the bank will choose whether to give it to them or not.

It is the BANK's money, once you hand it over to them. If the government declares a bank holiday, money is not handed over. If there is a run on the backs, they can cease operation.

https://supreme.justia.com/cases/federal/us/23/333/case.html

U.S. Supreme Court

Bank of the United States v. Bank of Georgia, 23 U.S. (10 Wheat.) 333, 341-42 (1825)

[excerpt]

The sum sued for is the balance due upon the general account of the parties, and it is money had and received to the use of the plaintiffs, if the transaction entitled the plaintiffs to consider the deposit as money. It is clearly not the case of a special deposit, where the identical thing was to be restored by the defendants; the notes were paid as money upon general account

23 U. S. 342

and deposited as such, so that according to the course of business and the understanding of the parties, the identical notes were not to be restored, but an equal amount in cash. They passed, therefore, into the general funds of the Bank of Georgia and became the property of the bank. The action has therefore assumed the proper shape, and if it is maintainable upon the merits, there is no difficulty in point of form.

nolu chan  posted on  2017-10-20   19:58:22 ET  Reply   Trace   Private Reply  


#3. To: nolu chan (#2)

It's their money. And the bank will choose whether to give it to them or not.

It is the BANK's money, once you hand it over to them.

Well, either way, the whole bank run threat was apparently a big bust.

Too bad.

that's my story and i'm sticking to it

cranky  posted on  2017-10-20   20:17:57 ET  Reply   Trace   Private Reply  


#4. To: cranky (#3)

Well, either way, the whole bank run threat was apparently a big bust.

Too bad.

It's what touched off the Great Depression, bank runs in Austria leading to a confidence crisis that spread internationally.

Too bad indeed.

Tooconservative  posted on  2017-10-21   0:41:04 ET  Reply   Trace   Private Reply  


#5. To: cranky (#3)

It's part of Spain and they might as well get used to it. They are not a sovereign state. Spain has permitted them to govern autonomusly, somewhat akin to a U.S. state. Spain will simply dissolve the autonomous government and institute direct rule tomorrow. There is nothing to negotiate.

nolu chan  posted on  2017-10-21   2:23:40 ET  Reply   Trace   Private Reply  


#6. To: nolu chan (#5)

Spain will simply dissolve the autonomous government and institute direct rule tomorrow.

I doubt that will prove to be a permanent solution.

that's my story and i'm sticking to it

cranky  posted on  2017-10-21   6:45:12 ET  Reply   Trace   Private Reply  


#7. To: cranky (#6)

I doubt that will prove to be a permanent solution.

As long as they want to hold votes to leave Spain, that will be the solution. If they do not like it, and do not behave, Spain will crush them.

https://www.theguardian.com/world/2017/oct/21/catalonai-crisis-spain-rajoy-direct-rule

Catalonia crisis escalates as Spain set to impose direct rule within days

Spanish prime minister says Catalan government’s powers will be returned to Madrid, as tensions rise between supporters and opponents of independence

Stephen Burgen in Barcelona
The Guardian (UK)
Saturday 21 October 2017 17.13 EDT

Spain was plunged into political crisis on Saturday after the prime minister, Mariano Rajoy, announced that he was stripping Catalonia of its autonomy and imposing direct rule from Madrid in a bid to crush the regional leadership’s move to secede.

[...]

Spain was plunged into political crisis on Saturday after the prime minister, Mariano Rajoy, announced that he was stripping Catalonia of its autonomy and imposing direct rule from Madrid in a bid to crush the regional leadership’s move to secede.

[...]

Following an emergency cabinet meeting on Saturday morning, Rajoy said he was invoking article 155 of the constitution to “restore the rule of law, coexistence and the economic recovery and to ensure that elections could be held in normal circumstances”.

Pending almost certain approval in the senate on Friday, direct rule will be imposed next weekend. Citing the Catalan government’s “conscious and systematic rebellion and disobedience”, Rajoy said Carles Puigdemont’s government would be stripped of its powers and its functions would be assumed by the relevant ministries in Madrid.

The Catalan president will not be empowered to call elections, which Rajoy said he hoped would be held within six months. “We are not ending Catalan autonomy but we are relieving of their duties those who have acted outside the law,” he said.

[...]

The deadline for Puigdemont to clarify whether or not he had declared independence passed last Thursday. The Catalan president declined to answer yes or no and threatened to issue a unilateral declaration of independence (UDI) if the government invoked article 155. Spain’s attorney general said that if Puigdemont declared UDI he would be charged with “rebellion”, a charge that carries a maximum 30-year sentence.

[...]

Like Brexit for Britain, the independence drive has begun to resemble a collective act of economic self-harm, with major firms moving their headquarters out of the region as instability puts the brake on investment and business confidence. The association of small businesses reports that 1,300 have moved their legal HQ out of Catalonia. Tourism, which accounts for 400,000 jobs, is down by around 20% – a loss to the region of more than €1bn – and one Barcelona restaurant owner said the industry was facing “an economic tsunami”.

[...]

Puigdemont's bluff was called by Spain and he will not do squat. If he declares independence, he will put in jail.

Businesses have moved out, tourism is shot. The Spanish government will remove the current group and call new elections. Catalonia will have its current politicians replaced and life will go on.

https://www.thespainreport.com/articles/1129-170916162558-what-is-article-155-of-the-spanish-constitution-this-is-how-madrid-would-suspend-home-rule-in-catalonia

What Is Article 155 Of The Spanish Constitution? This Is How Madrid Would Suspend Home Rule In Catalonia

Sep 16 2017—DEEP SPAIN—One former Foreign Secretary described it in 2015 as a political "atomic bomb"; Catalan separatists are determined to vote.

Article 155 in Spanish (jpg)

Article 155 of the Spanish Constitution outlines how the central government in Madrid would suspend home rule or regional government in one of Spain's 17 autonomous communities. It has never been used and only contains the following two points.

"1. If an autonomous community [Spanish region] were not to fulfil the duties imposed upon it under the Constitution or other laws, or were to act in a manner that gravely attacked the general interest of Spain, the government, having first notified the First Minister of the autonomous community and, in if no reply were received, with an absolute majority in the Senate, may adopt the measures necessary to oblige that [region] to forcibly comply with said duties or to protect the aforementioned general interest."

"2. To execute the measures foreseen in the previous section, the government may give instructions to all of the authorities in the autonomous communities."

The Spanish Congress's legal synopsis of the article describes it as an "exceptional or extreme" measure "for situations that are equally exceptional or extreme".

That, along with a reading of the relevant Senate rules, leads to a seven-point implementation process to watch out for over the next few days, if Madrid decides to try to use it.

  1. Madrid formally notifies Puigdemont: the central government must send some sort of formal notification to the Catalan government attempting to make the First Minister, Carles Puigdemont, comply with whatever duties or laws the central government believes he is not complying with;

  2. Puigdemont rejects the formal notification: how the Catalan leader's rejection of or non-compliance with Madrid's summons might be proven is not clear;

  3. Government petitions Senate: the central government must present the formal notification, the proof of its rejection and the measures it wishes to implement before the Speaker of the Senate;

  4. General Commission of Autonomous Communities: The file gets sent to the Senate commission that deals with the Spanish regions. It is currently made up of 54 senators: 30 Popular Party, 12 Socialist Party, 4 Podemos, 8 minority parties.

  5. Senate notifies Puigdemont: The Senate commission would ask the Catalan First Minister to provide the data and allegations he believed relevant to his position. He could also choose to appoint a representative before the Senate;

  6. Commission draws up proposal for debate: and makes a recommendation based on the government's petition; the commission may suggest modifications;

  7. Senate debates proposal and takes a vote. An overall majority is required to pass the motion: 134 out of a total of 266 senators. The governing Popular Party, with 149 senators, holds a comfortable overall majority of 16 in Spain's upper house;

The Speaker of the Spanish Senate is currently Pío García-Escudero (Popular Party). The autonomous communities commission is currently chaired by Juan José Imbroda Ortiz (Popular Party), who is also the First Minister of the Spanish North African city of Melilla. The PP holds a comfortable majority in the Senate overall and on the autonomous communities commission.

[...]

nolu chan  posted on  2017-10-21   18:49:41 ET  Reply   Trace   Private Reply  


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